CRA has processed 18.6 million returns so far in 2021

The Canada Revenue Agency has processed 18.6 million individual tax returns so far during the 2021 tax season, with 12.2 million returns resulting in a refund, 4.3 million in a balance owing and 2.1 million in a nil balance.

The statistics, which the agency posted on Tuesday, were for the period from Feb. 8 to April 26. The 2021 tax filing season runs from February 2021 to January 2022.

In total, the CRA has received 20.2 million T1 income tax and benefit returns this tax season.

The average refund amount per return resulting in a refund this tax season is $1,815. The total dollar value of all returns resulting in a refund is $22.1 billion so far.

Of the returns processed with a refund, 81% were refunded by means of direct deposit and 19% by cheque.

The average balance owing (per return resulting in a balance owing) this tax season is $3,961. The total amount owed on all returns with a balancing owing is $16.9 billion so far.

Of the 20.2 million tax returns the CRA has received this season, 18.9 million (roughly 93.3%) were filed electronically.

During last year’s tax-filing season, the CRA processed a total of 30.8 million T1 returns, 90% of which were filed electronically.

The CRA issued a press release Tuesday reminding Canadians that the deadline to file the 2020 tax returns remains Friday, April 30 for most individuals. Some tax professionals have recently called on the CRA to provide Canadians with an extension to the filling deadline, as the agency did last year, in light of the ongoing Covid-19 pandemic.

Earlier this month, Revenu Quebec announced it would give Quebecers an extra month to file their Quebec return without incurring a late-filing penalty.

In February, the CRA announced it would be offering interest relief in respect of any 2020 tax liability to Canadians whose taxable income was $75,000 or less in 2020 and who received some form of Covid-19 benefit. However, the CRA said it would still apply late-filing fees to returns filed after April 30.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.